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MW SCOTUS decision could help advance Biden's housing
agenda -- starting with the firing of the FHFA
director
MarketWatch
2:29 PM ET




Jacob Passy




A Supreme Court
decision released Wednesday will allow President Biden to
fire the current director of the Federal Housing Finance
Agency



Changes are
quickly coming to the regulatory body that oversees mortgage
giants Fannie Mae and Freddie Mac, thanks to a decision
released Wednesday by the U.S. Supreme Court.




In a decision written
by Justice Samuel Alito that included many of the court's
nine justices dissenting on certain points, the Supreme
Court ruled that the structure of the Federal Housing
Finance Agency was unconstitutional. The decision allows
President Joe Biden to fire the agency's current director,
Mark Calabria, who was appointed by former President Donald
Trump.



A White House
official told MarketWatch that Biden would move forward
Wednesday to replace Calabria. The official did not say who
the new director would be, but said the new agency head will
reflect the Biden administration's values. Before he was the
director of the FHFA, Calabria had served as chief economist
for Vice President Mike Pence.